Marathon Oil To Buy Eagle Ford Assets From Ensign Natural Resources For $3 Bln

(RTTNews) - Marathon Oil Corporation (MRO) Wednesday said it has agreed to buy the Eagle Ford assets of Ensign Natural Resources for total cash consideration of $3.0 billion.

The transaction is expected to close by year-end 2022.

"This acquisition in the core of the Eagle Ford satisfies every element of our exacting acquisition criteria, uniquely striking the right balance between immediate cash flow accretion and future development opportunity," said chairman, president, and CEO Lee Tillman.

"The transaction is immediately accretive to our key financial metrics; it will drive higher distributions to our shareholders consistent with our operating cash flow driven Return of Capital Framework; it's accretive to our inventory life with high rate-of-return locations that immediately compete for capital; and it offers compelling industrial logic by nearly doubling our position in a Basin where we have a tremendous track record of execution excellence." he added.